Cable Update (GBPUSD)

thanks mate

Now will get back to around 1.325-1.33

now @ .3226
What a nice run, .319x touched too ... .3097 next? why not!
No buying dips / scalping practice for me, at least 50 pips down as it might be preparation for tomorrow's news where pound could make a nice come-back to .3278.

GBP/USD blasted by BoJo bowing out, bears watching 1.3205 and 1.3050
MATT WELLER, CFA, CMT
JULY 9, 2018 11:52 AM

“There are decades where nothing happens; and there are weeks where decades happen.” - Vladimir Lenin

With respect to the early 20th century Soviet leader, pound traders no doubt feel like they’ve seen a decade’s worth of Brexit news crammed into just the first 24 hours of the trading week already!

The UK currency gapped higher to start the week after PM Theresa May’s “free trade area for goods” position was supported by the cabinet, including from Michael Gove who called it “realistic compromise.” Shortly after that, the currency turned lower on news that David Davis, the UK’s Brexit secretary, was resigning from May’s cabinet.

As my colleague Fawad Razaqzada noted earlier today though, GBP/USD had recovered to hit a nearly 1-month high this morning as traders reevaluated Davis’ departure as a sign that a “softer” Brexit may be in the offing. Just when traders had settled on that narrative as a bullish catalyst for cable, the market was rocked by news that Foreign Secretary Boris Johnson would also be resigning.

In essence, the departure of two key cabinet members in a 24-hour period has prompted pound traders to “sell first and ask questions later.” Now, the dominant market narrative centers on the tremendous uncertainty now surrounding the country’s political leadership and a looming conflict between hard and soft Brexiteers.

Just in the last hour, PM May has noted that preparations for a “no deal” scenario should be stepped up, which is about the last thing that sterling bulls want to hear. Meanwhile, oddsmakers have slashed the odds of another UK election from 5/1 to 6/4, with the odds of Theresa May being forced out as Prime Minister now dropping to just 2/1.

As of writing (though we wouldn’t be surprised to see things dramatically in the coming hours!), GBP/USD has collapsed by over 100 pips from its European session highs to trade back in the middle of last week’s range. For now, the pair is showing a large “dark cloud cover” pattern on the daily chart, signaling a possible near-term top and a failed breakout above previous resistance at 1.3315.

If we close around these levels, the next support level to watch will be the minor area of previous-resistance-turned-support around 1.3205. If that level gives way, bears may look to target the 10-month low at 1.3050 next. Meanwhile, only a recovery back above this morning’s high near 1.3360 would erase the near-term bearish bias.


Source: TradingView and FOREX.com

Idea for G/U..
not very good with drawings but im bullish lol

[quote=FOREX.com;11243948]GBP/USD blasted by BoJo bowing out, bears watching 1.3205 and 1.3050 MATT WELLER ...


In other words, it's a case of the fundamentals meddling with the technicals. And so, if the market eventually decides that the 2 resignations will not alter the Brexit status quo, the trip to 3390 will resume. For now, TA is indicating a southern plunge but writing off the unpredictability of GU is at anyone's peril

At present, the bears are having the upper hand in the Battle of the Weekly pivot (3221). Nobody knows as yet, who will prevail: bear or bull. The innocent bullish candle on H1 is not good news for the bears however.

just sold it from 3257

Oh my, the bulls have wrestled the weekly pivot from the bears. If they also succeed in taking out the DP at 3258, then the next target shall be Davit's R38 pivot at 3295; or Nala's H1 bear support at 3298; all without minding the maribozu-like long white candle on H4

it's war time now, nothing that looked possible remains valid!
out @ 3253

now @ 3266
I am watching to sell it from above 3282

UK Solicitor General Robert Buckland recently crossed the news wires saying that there was no chance of a leadership challenge to Prime Minister Theresa May after her meeting with conservative lawmakers. Buckland further stated that May warned her party that splits run the risk of letting labour leader Corbyn into power, as reported by Reuters.
May declined to speak to reporters as she was leaving her meeting with Conservative Party members in the Parliament.

You may be right eventually but that bullish engulfer on M30 is not friendly at all

Have you noticed that EMA 29 on M1 has been powerful today. If the bears are able to overcome it at 3258 presently, a trip southwards will beckon

short trigger 3266 sL 25pips tP open
lets see up or down

.

I did not.
Most of the time I trade naked chart or just numbers ... from time to time I might draw some lines, nothing fancy.

GBPUSD H1 SELL att :1.3250/1.3270
TP 1: 1.3220 TP 2:1.3170
SL:1.3310

just bought it @ 3246

I went out @ 51 and then I sold it ...